1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Schach [20]
3 years ago
6

Volga Co. included a foreign subsidiary in its Year 6 consolidated financial statements. The subsidiary was acquired in Year 4 a

nd was excluded from previous consolidations. The change was caused by the elimination of foreign currency controls. Including the subsidiary in the Year 6 consolidated financial statements results in an accounting change that should be reported:________.
Business
1 answer:
Katen [24]3 years ago
3 0

Answer:

By retrospective application to the financial statements of all prior periods presented.

Explanation:

From the question we are informed about Volga Co. who included a foreign subsidiary in its Year 6 consolidated financial statements. The subsidiary was acquired in Year 4 and was excluded from previous consolidations. The change was caused by the elimination of foreign currency controls. Including the subsidiary in the Year 6 consolidated financial statements results in an accounting change that should be reported By retrospective application to the financial statements of all prior periods presented.

Consolidated financial statements can be regarded as financial statements of a particular group whereby equity, assets as well as liabilities and cash flows and expenses of the parent company as well as its subsidiaries are been presented in a way of single economic entity. In others words Consolidated financial statements can as well be regarded as financial statements of an organization having multiple divisions or multiple subsidiaries. Some firms often use the consolidated as regards financial statement reporting to describe aggregated reporting of business collectively.

You might be interested in
A higher price point should create value for the customer. The buyers need to know that they are paying for __________, or an un
nlexa [21]

Answer:

Differentiation.

Explanation:

The concept of value for the customer corresponds to the expectation that the product will meet the needs, desires and features that he expects.

The customer's perception of the concept of value is affected in rational and irrational ways, such as brand image, product performance, high price, etc.

Therefore, when a company offers a product at a higher price, it is passing on to the consumer the higher production cost of an item, which has features that add greater value and functionality, such as differentiation, personalization or an unforgettable customer experience.

Differentiated products are those produced in a more heterogeneous way compared to standard products, therefore differentiated products have distinct characteristics that add greater value, such as new features, technology, design, durability, style, etc.

3 0
3 years ago
Denver Company, a calendar year corporation, had the following actual income before income tax expense and estimated effective a
lara [203]

Answer:

Denver Company

Income Tax Expense for the second quarter:

Pre-tax quarter income = $140,000

Estimated tax rate = 24%

Tax Expense = $140,000 x 24%

= $33,600

Explanation:

a) Data:

Quarter    income before tax        estimated tax rate

first                 $100k                          30%

second           $140k                          24%

b) Denver's quarter second income tax expense is the product of the pretax income for the second quarter and the estimated income tax rate for the quarter.  The resulting calculation shows the estimated income tax expense that has to be settled by Denver.  If it is not settled in the quarter second period, it has to be carried forward to the next quarter as a liability under the heading, Income Tax Payable.

7 0
3 years ago
Cycles de Oro produces 120,000 high-tek bikes a year and orders the brake assembly from IKON for $15.40 each. The order cost is
Ket [755]

Answer:

$3,412

Explanation:

The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

= \sqrt{\frac{2\times \text{120,000}\times \text{\$84}}{\text{\$2.31}}}

= 2,954 units

The carrying cost is

= $15.40 × 15%

= $2.31

The number of orders would be equal to

= Annual demand ÷ economic order quantity

= 120,000 ÷ 2,954 units

= 40.62 orders

Now The total cost of ordering cost is

Ordering cost = Number of orders × ordering cost per order

= 40.62 orders × $ 84

= $3,412

3 0
3 years ago
If the payment is not made on the credit card by the end of the billing cycle,
Anuta_ua [19.1K]

Answer:

A late fee will be charged.

Explanation:

hope this helped

7 0
3 years ago
Read 2 more answers
Rankings as well as word of mouth from satisfied customers drive additional sales for automotive companies. However, because thi
Novay_Z [31]

Answer:

a. sales orientation

Explanation:

The sales orientation is a business model that focused to make the best product and the services without knowing the customer needs and wants

Therefore as per the given situation, it is mentioned that there is a lack of understanding with respect to the customer wants and need

So this represents the sales orientation

hence, the correct option is a.

3 0
3 years ago
Other questions:
  • The Foundational 15 [LO10-1, LO10-2] [The following information applies to the questions displayed below.] Westerville Company r
    10·1 answer
  • Kilgore Company makes and sells a single product. Kilgore incurred the following costs in its most recent fiscal year: Cost Item
    12·1 answer
  • Fernandez Corporation purchased a truck at the beginning of 2020 for $50,000. The truck is estimated to have a salvage value of
    12·1 answer
  • The emergency food assistance program distributes ___________ for home and institutional use. funds to buy food meals grocery st
    8·1 answer
  • Colleen is a medical researcher at Octogen Pharmaceuticals. She called attention to the illegal marketing of a drug produced by
    11·1 answer
  • Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 2/10, n/30. On July 20 Stuart Co. returns
    11·1 answer
  • The idea of efficiency often arises when measuring a society's well-being. There are two kinds of efficiency: productive efficie
    13·1 answer
  • According to Karl Marx, capitalists really produced all wealth, and the laborers were the recipients of the wealth.
    7·1 answer
  • The degree of financial leverage for ABC Inc. is 2.5, and the degree of financial leverage for XYZ Corporation is 1.5. According
    11·1 answer
  • The regional Federal Reserve Banks A. regulate banks in their regions. B. are not allowed to make loans to banks in their region
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!